Chimney Rock, North Carolina Property Taxes
The median property tax rate in Chimney Rock, NC is 0.61%, notably lower than both the national median of 0.99% and North Carolina's state median of 0.82%. With a median home value of $266,100 in Chimney Rock, the typical annual property tax bill is $1,690, which is below the national median of $2,690. Property taxes in Chimney Rock are based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Chimney Rock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chimney Rock or another part of Rutherford County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chimney Rock, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,623
Ownwell’s Chimney Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chimney Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chimney Rock to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chimney Rock, North Carolina
Property taxes in Chimney Rock, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chimney Rock is 0.61%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Chimney Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chimney Rock estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Chimney Rock's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28720 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Chimney Rock provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chimney Rock Tax Rate
0.61%
Average Rutherford County Tax Rate
0.45%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chimney Rock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28720 | 0.45% | 0.52% | 0.61% | 0.89% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Chimney Rock, North Carolina
In Chimney Rock, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Rutherford County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Chimney Rock are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Chimney Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rutherford County, the median home price is $266,100. The 25th percentile tax bill is $847, while the 75th percentile tax bill is $3,265. The highest median tax bill is $1,690 in the 28720 zip code, which also has the lowest median tax bill at the same value.
Property Tax Assessment Values Across Chimney Rock, North Carolina
Source: Ownwell
$7,500
$137,850
$268,200
Average Chimney Rock Assessed Value
$266,100
Average Rutherford County Assessed Value
$123,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chimney Rock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28720 | $127,150 | $157,300 | $266,100 | $530,325 | $713,070 |
Source: Ownwell
Property Tax Bills Across Chimney Rock, North Carolina
In Chimney Rock, located in Rutherford County, NC, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Chimney Rock see a range of property tax bills depending on their property's assessed value. For instance, the 25th percentile of tax bills is around $847, while the 75th percentile reaches up to $3,265. The highest tax bills, in the 90th percentile, can be as much as $4,967. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby impacting the tax bill. For homeowners, these property taxes fund essential public services like schools, infrastructure, and emergency services, directly affecting the community's quality of life. Understanding these factors can help homeowners anticipate their tax responsibilities and plan accordingly.
Average Chimney Rock Tax Bill
$1,690
Average Rutherford County Tax Bill
$516
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Chimney Rock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28720 | $696 | $847 | $1,690 | $3,265 | $4,967 |
Source: Ownwell